One in 10 jobs are axed at Amex
AMERICAN Express is to cut 10 per cent of its workforce, the credit card firm announced yesterday.
About 7,000 jobs will go worldwide but it is not known how many of its 6,000 British staff will be affected.
The move follows a 24 per-cent slump in the firm’s profits for the three months to October. Cuts will mostly be across management and backroom positions, American Express said.
Chairman Kenneth Chenault said it will help the firm through “one of the most challenging economic environments in many decades”.